Pinnacle Supports National Apt. Careers Month With Career Fairs

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Pinnacle Supports National Apt. Careers Month With Career Fairs

Industry News
Apartments Lift New Housing
Multifamily Props Up D.C. Property Market
Apartments Driving Columbus Rebound
Boardwalk REIT Exploring Development Opportunities in Calgary
Mom and Pop Investors Propping Up Home-Buying Market
Apartment Operator to Erect New HQ in Dayton
Newest NBA Star Lin Finds Apartment

Legislative/Legal News
Phoenix Starts Pilot Program to Spur Apartment Recycling
Evansville (Ind.) Apartment Owners Get Lesson on Meth
San Diego Ordinance Seeks to Evict Apartment Smokers
Apartment Owners Oppose Proposal to Build Student Housing
GSE Finance Is the Driver of the Multifamily Bus
Size Restrictions to Iowa City Apartments Sparks Debate
Morgan Stanley Predicts REO Rental Program to Create Jobs


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Pinnacle Supports National Apt. Careers Month With Career Fairs
Digested From "Pinnacle Supports National Apartment Careers Month with 15 Career Fairs Around the Country"
MarketWatch (02/13/12)

Pinnacle Family of Companies has announced its support for National Apartment Careers Month, created by the National Apartment Association Education Institute (NAAEI) two years ago. Apartment Careers Month encourages apartment owners and managers to hire candidates from outside the apartment sector, focusing on everything from core competencies and transferrable skills as opposed to just looking at prior apartment industry experience. Pinnacle notes that it has open positions throughout its organization, including leasing consultants, maintenance technicians, and even painters. On Feb. 21, Pinnacle is set to hold multiple Career Fairs in such major U.S. markets as Atlanta, Las Vegas, Memphis, Orlando, Portland, Seattle, and San Antonio. Maureen Lambe, executive vice president for NAAEI, remarks, "NAAEI welcomes Pinnacle's commitment to developing a new stream of skilled talent. Their Career Fairs will welcome people with job experience and transferrable skills, including veterans."
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Apartments Lift New Housing
Digested From "Apartments Lift New Housing"
Investor's Business Daily (02/17/12) P. A1

RealtyTrac reports that housing starts climbed 1.5 percent in January from the month before to an annual rate of 699,000. A 14 percent gain in apartment construction more than offset a 1 percent drop in single-family residential construction. Housing permits, meanwhile, bumped up 0.9 percent in January, the fourth consecutive month of improvement.
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Multifamily Props Up D.C. Property Market
Digested From "CoStar: Area's Commercial Development Slowly Resuming"
Washington Post (02/12/12) by Stephanie Hession

Multifamily housing construction has taken off sharply in the Washington, D.C., metro area over the last 12 months or so. More than 10 million square feet of new apartment communities are under way, totaling almost 12,000 rental units. Almost 50 percent of those are located in the District of Columbia in urban transit-accessible locations. Commercial property development nearly ground to a halt in the Washington market in recent years. The amount of office space under construction in the region plummeted from a cyclical high of 17.5 million square feet in December 2005 to less than four million square feet by September 2010. But the tide is starting to turn. After over two years of slow, but steady economic recovery, vacancies in most commercial building types are falling. In turn, many developers are reviving previously delayed projects. In the office property sector, several big projects broke ground last year, and almost six million square feet is now under way. Still, this level remains well below the typical construction average over the last two decades.
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Apartments Driving Columbus Rebound
Digested From "Apartments Driving Columbus Rebound"
Columbus Dispatch (OH) (02/19/12) by Dean Narciso

Columbus, Ohio, is witnessing a rising number of new-building permits and zoning applications, with the apartment sector leading the way. Commercial and multifamily development have been rebounding since the end of the recession, although new construction activity has not come close to the boom period of the 1990s and early 2000s. In 2001, for instance, city officials annexed 1,230 acres. By contrast, annexations reached an all-time low of 19.4 acres in 2009. Last year, though, they did edge up to 146 acres. But 108 of those acres were for the Hollywood Casino on the city's West Side. Today, most new construction is infill development, meaning it typically occurs inside the city in smaller batches that fill in empty spaces. In addition, today's projects are most likely to be rental apartments. Chris Presutti, the city's chief zoning official, remarks, "If you look at where the residential is being built, it's infill development in Franklinton or the Near East Side and places like that." Wagenbrenner Development President Mark Wagenbrenner observes that Columbus apartment communities are currently 97 percent full, and one-bedroom apartments are almost impossible to find.
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Boardwalk REIT Exploring Development Opportunities in Calgary
Digested From "Boardwalk REIT Exploring Development Opportunities in Calgary"
Calgary Herald (Canada) (02/17/12) by Mario Toneguzzi

Boardwalk Real Estate Investment Trust is exploring the viability of developing two new apartment communities on excess lands in Calgary. The locally based REIT currently owns and manages more than 225 communities with 35,277 rental units. As such, it ranks as Canada's biggest owner-operator of multifamily housing. Boardwalk REIT’s portfolio is concentrated in five Canadian markets -- Alberta, British Columbia, Saskatchewan, Ontario, and Quebec. It currently has 5,234 apartments in Calgary and another 12,337 units in Edmonton. As of the end of last year, the REIT’s portfolio occupancy stood at 97.47 percent. Total annual rental revenue, meanwhile, was C$422.7 million.
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Mom and Pop Investors Propping Up Home-Buying Market
Digested From "Mom and Pop Investors Propping Up Home-Buying Market"
USA Today (02/14/12) by Julie Schmit

Mom and pop investors, taking advantage of low property prices and rising rents, are buying up homes and condominiums to rent them out. John Burns Real Estate Consulting CEO John Burns says sales to investors rose above 26 percent in the first nine months of 2011 from 21 percent in 2007 in 167 housing markets tracked. Although "flippers" prevailed during the housing boom, Zillow economist Stan Humphries says more investors these days plan to hold on to their investments; and some are counting on the rental income to support them in retirement.
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Apartment Operator to Erect New HQ in Dayton
Digested From "Connor Group to Construct $15 Million Headquarters at Dayton-Wright Brothers Airport"
Dayton Daily News (Ohio) (02/16/12)

The Connor Group is currently planning to build a new headquarters at Dayton Wright Brothers Field in Ohio. Managing member Larry Connor described the new facility as "iconic" and "extremely expensive." He hopes the building will draw interest from other companies and is looking to break ground by the end of this year's second quarter. Construction should take between 18 and 24 months. When completed, the building will double ground lease revenue at the airport and could draw other commercial development to the 527-acre field. The Connor Group is an Ohio-based firm that currently owns and manages 2,500 apartment communities throughout the Dayton metro area. It owns and operates 16,000 such properties total across a half-dozen six markets. Roughly 50 percent of the company's apartment holdings are in Ohio.
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Newest NBA Star Lin Finds Apartment
Digested From "Report: Jeremy Lin Finds Apartment"
ESPN.com (02/15/12)

New NBA star Jeremy Lin is moving to a swanky, two-bedroom apartment in the New York City suburb of White Plains. The New York Knicks point guard had been sleeping on his brother's sofa in Manhattan during his early tenure with the team. Lin has reportedly moved into the Trump Tower in City Center, which is located close by to the Knicks training facility in Greenburgh. Lin has sublet the unit from former Knick David Lee. It is reportedly the same apartment Knicks forward Amare Stoudemire rented before he moved to Manhattan.
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Legislative/Legal News



Phoenix Starts Pilot Program to Spur Apartment Recycling
Digested From "Phoenix Starts Pilot Program to Spur Apartment Recycling"
Arizona Republic (02/19/12) by Maria Polletta

Phoenix's new, six-month recycling-program pilot for multifamily residences is up and running. The program kicked off early last month after the local housing department started looking for ways to make city-owned properties more sustainable. According to acting public-works Director John Trujillo, some challenges are clear. Perhaps the biggest is apathy. He states, "When you have two separate containers on site, sometimes residents either get lazy or don't care, and they throw whatever they want in whatever container they want. City Councilman Tom Simplot, who is also president of the Arizona Multihousing Association, said the key moving forward will be educating apartment owners and managers. He states, "When the city is trying something new like this, it's often difficult to generate excitement and participation [among residents]." City officials plan to audit the sites periodically to see how contaminated recycling containers are and how much recycling is still being thrown in garbage bins.
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Evansville (Ind.) Apartment Owners Get Lesson on Meth
Digested From "Landlords Get Lesson on Meth"
Evansville Courier & Press (IN) (02/15/12) by Megan Erbacher

In Evansville, Ind., apartment owners are being urged to write more detailed leases and clearer rules to deter residents who make methamphetamine. That was the advice of Jeffrey A. Wilhite, an attorney for the Apartment Association of Southern Indiana, to approximately 100 apartment owners, Realtors, and residents who attended a recent methamphetamine education class. The course was hosted by the Vanderburgh County Health Department at Evansville's Central Public Library. Wilhite told attendees that detailed agreements can deter meth addicts from considering their properties as home. He remarked, "Landlords wrongly feel like they can do nothing to help this from happening on their property unless they [have] heard [complaints about the resident]. I think that's wrong." Wilhite went on to urged those in attendance to carefully re-evaluate leases with future residents. In many cases, such words as "please" become problematic if a dispute ends up in court. He concluded by stating that background checks with Vanderburgh County and national databases are essential in deterring such criminal activity. In January. Indiana Police ranked Vanderburgh County No. 1 for having the most meth cases in the state for the second consecutive year.
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San Diego Ordinance Seeks to Evict Apartment Smokers
Digested From "Ordinance Could Result in Evictions for Smokers"
NBCSandiego.com (02/16/12) by Lauren Steussy

If a proposed anti-smoking ordinance gains the favor of San Diego city council members, smokers in apartments citywide may have to pack up before they light up. While the current law in California allows apartment owners to ban smoking from their buildings, the new rule would disallow smoking at all apartment communities with four or more units. Additionally, if a resident is found to be smoking in his/her unit, the ordinance would declare that person a "private nuisance," which could lead to eviction. The motion is being opposed by the San Diego County Apartment Association and the California Apartment Association because they claim it takes away apartment owners' choices. This past week, the council members declined to vote on the initiative and forwarded it to City Attorney Jan Goldsmith for her opinion.
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Apartment Owners Oppose Proposal to Build Student Housing
Digested From "Landlords Oppose Proposal to Build Student Housing"
Wausau Daily Herald (WI) (02/17/12) by B.C. Kowalski

Several apartment owners in Stevens Point, Wis., are opposing a proposed 29-unit student housing complex, which is scheduled to go before the City Council this month. The owners claim there is not a need for more student housing in the city, pointing to increased vacancy rates as evidence. If approved, the city would give developer Stevens Point Housing Solutions up to $50,000 to clean up the site. In addition to the student apartment community, the small site would have two office buildings. Stevens Point Housing Solutions cites the growing enrollment at the University of Wisconsin-Stevens Point as a good enough reason to build. City officials say the project would mean a $90,000 increase in property taxes, up about $70,000 over what the city currently gets for the empty site. Area apartment owners concede that the city will receive more tax revenue from the development. However, they claim it will lose property taxes from other apartments that will be assessed lower because they will lose residents.
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GSE Finance Is the Driver of the Multifamily Bus
Digested From "Agency Finance Is the Driver of the Multifamily Bus"
GlobeSt.com (02/16/12) by Erika Morphy

Fannie Mae and Freddie Mac originated nearly 60 percent of all multifamily loans in 2011, totaling $32 billion. Despite the ramped-up competition they are seeing from the life insurance industry, the two government-sponsored enterprises (GSEs) will likely exceed that record this year as originations are expected to top $75 billion. Freddie Mac, for instance, expects to close between $21 billion and $24 billion in originations this year. Managing director Tom Hamill told an audience at the recent RealShare Apartments East, "We have already funded $1.9 billion so far in January." However, both GSEs are facing headwinds in the form of increased competition from other providers. In addition, the Treasury Department recently made a reference to winding down Fannie and Freddie.
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Size Restrictions to Iowa City Apartments Sparks Debate
Digested From "Proposed Size Restrictions To Iowa City Apartment Buildings Sparks Debate"
KCRG (Cedar Rapids, IA) (02/15/12) by Mark Carlson

A proposal to make zoning changes in downtown Iowa City has sparked a debate over the downtown area's zoning ordinances. The proposal, which would limit the number of large apartment communities that could be built in the area, comes after a popular restaurant was demolished to make room for a new multi-story apartment building last month. "When you start putting this kind of architecture up, and you replace the historic retail shops and operations with big apartment buildings, it really deteriorates that area," said Terri Miller Chait, who owns a gallery downtown. If approved, the rezoning would limit new apartment communities in certain areas downtown to three bedrooms per apartment and the amount of apartments per structure. Critics of the proposal argue that development is needed to keep up with the growing University of Iowa campus. The city council is scheduled to make a decision by the end of this month.
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Morgan Stanley Predicts REO Rental Program to Create Jobs
Digested From "Morgan Stanley Predicts REO Rental Program Will Create 1.8 Million Jobs"
Housing Wire (02/16/12) by Justin T. Hilley

Morgan Stanley housing analysts say a government program to turn foreclosed Fannie Mae, Freddie Mac and FHA properties into rental housing "is here to stay," as it fosters job creation and works to clear the national backlog of distressed homes. They estimate that, over the next five years, nearly 8 million properties will be sold in some form of distressed sale. "Even if only half can be turned into rentals … that could result in the creation of 1 million one-time construction-oriented jobs plus a possible additional 800,000 in permanent jobs, mostly in some of the hardest-hit sectors and the hardest-hit economic areas of the country," according to their calculations.
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February 21, 2012

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